Country of Gabon pays $10.5M for office building in Midtown East

Permanent Mission of the Gabonese Republic paid $10.5 million to Charles Tebele and Nancy Tebele through the entity 244 E58 LLC for office building at 244 East 58th Street in Midtown East, Manhattan.
The deal closed on November 12, 2021 and was recorded on January 31, 2022.
The property has 11,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $954 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on June 28, 2019, for $8.5 million.
The signatory for Charles Tebele and Nancy Tebele was Charles Tebele and Nancy Tebele.

The 11,000-square-foot property generated revenue of $674,155 or $61 per square foot, according to the most recent income and expense figures.

In Midtown East, the majority, or 77 percent of the 65.7 million square feet of built space are office buildings, with residential elevator buildings next occupying 8 percent of the space. In sales, Midtown East has 4 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 10th highest in Manhattan. For development, Midtown East has 4 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Manhattan. It had 3.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.
On the tax block, the majority, or 60 percent of the 474,149 square feet of built space are residential elevator buildings, with mixed-use buildings next occupying 22 percent of the space.
Within a 400-foot radius of 244 East 58th Street, Pincusco identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, four were sales above $5 million totaling $103.8 million. The most recent of the four was Witnick Real Estate Partners which bought the 15,532-square-foot, 26-unit rental (C7) on 238 East 58th Street for $7.3 million from L. Craig Lemle on November 17, 2021.
Of those seven items, three were loans above $5 million totaling $91.7 million. The most recent of the three was Witnick Real Estate Partners which borrowed $5.2 million from New York Community Bank secured by the 15,532-square-foot, 26-unit rental (C7) on 238 East 58th Street on November 17, 2021.

Direct link to Acris document. link